ECB is keen to draw in Indian capital and even a minority investment will give the new owners a lot of power.
In a big development, the England and Wales Cricket Board (ECB) is all set to privatise its 100-ball tournament, known as The Hundred.
The shares in the eight teams will be up for grabs next month and the IPL franchise owners may be allowed to rename the teams even if they acquire a minority ownership.
According to a report in The Guardian, the ECB is keen to draw in Indian capital and even a minority investment will give the new owners a lot of power, especially with all 10 IPL owners expected to buy shares in the eight teams.
“All the IPL owners are saying they will bid, but they will want some control for their cash. It’s essentially a big brand play for the IPL so we expect them to push for name changes, which will depend on the amount they have invested,” a source involved in the sale process was quoted as saying in the report.
It further stated that the Ambani family, the owner of IPL team Mumbai Indians and its sister franchises such as MI New York, MI Emirates, and MI Cape Town, are considering making a sizable bid to acquire a piece of the London Spirit team and rebrand it as MI London.
"London Spirit are viewed as the jewel in the crown of the Hundred auction and are expected to attract bids worth several times more than many of the other franchises when the ECB begins the process of selling 49% of the eight teams next month," the report added.
As per the report, the ECB has been in discussions with potential investors over the past few months, which include American sports franchise chiefs Ryan Reynolds and the Manchester United owner Avram Glazer, who expressed interest in buying stakes in the Hundred teams.
Another interested part includes Birmingham City’s American owners Knighthead Capital, whose investors include NFL icon Tom Brady, are interested in a stake at Birmingham Phoenix and attended several ongoing Hundred matches
“The governing body has been given the green light by the counties to formally begin the process next month, which will be run by the American bank, the Raine Group, which also managed the recent sales of United and Chelsea,” the report claimed.
Earlier, it was reported that inaugural IPL champions Rajasthan Royals are expected to bid for the Northern Superchargers while Delhi Capitals will look to buy a stake at the Southern Brave.
(With IANS Inputs)